{"id":545856,"date":"2023-08-04T23:00:39","date_gmt":"2023-08-04T23:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=545856"},"modified":"2024-06-11T14:39:19","modified_gmt":"2024-06-11T14:39:19","slug":"coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends\/","title":{"rendered":"Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends"},"content":{"rendered":"

Coinbase\u2019s Head of Research, David Duong, has shared his <\/span>insights <\/span><\/a>on the recent market movements in traditional finance and crypto.\u00a0<\/span><\/p>\n

He believes that current macro conditions suggest a temporary pause in the recent strong USD trend, which should support the crypto market.\u00a0<\/span><\/p>\n

Related Reading: Is SUI Price Stability Under Threat Due To Transactional Boom And Bust?<\/a><\/div>\n

Key Crypto & Finance Movements<\/span><\/h2>\n

Duong notes that the recent carry trades upset by the Bank of Japan\u2019s decision to raise the hard cap on its 10-year bond yield have created instability across different pockets of the FX market.\u00a0<\/span><\/p>\n

Meanwhile, the surprise decision by Brazil\u2019s central bank to cut its benchmark SELIC rate by 50bps (compared to expectations of 25bps) has led to higher interest rates in some price currencies coming down.<\/span><\/p>\n

In the US, the yield curve steepened significantly following the rally in Treasury bonds only two weeks ago, as the US Treasury Department announced an increase in the size of its debt issuance plans.\u00a0<\/span><\/p>\n

Although Fitch cut the US debt rating from AAA to AA+ due to concerns about the fiscal outlook, Duong believes this impact on bond yields was fairly limited.<\/span><\/p>\n

Duong emphasizes that the US dollar is more sensitive to front-end rates, and the 2y yield seems well anchored. This suggests a temporary pause in the recent strong USD trend, which should support the crypto market.\u00a0<\/span><\/p>\n

However, he expresses concern that crypto performance may recouple with US equities in the short term, which may cap the upside on digital assets due to stretched valuations.<\/span><\/p>\n

Duong also discusses the recent exploit of four liquidity pools on <\/span>Curve<\/span><\/a>, which didn’t help risk appetite in the crypto space but didn’t sustainably accelerate the downtrend that\u2019s been ongoing since mid-July.\u00a0<\/span><\/p>\n

He believes the actual systemic risk associated with the exploit is limited by mitigating factors that offset some attack vulnerabilities. He also thinks this is not evidence of DeFi\u2019s weakness but highlights the system\u2019s antifragile properties.<\/span><\/p>\n

Related Reading: Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes<\/a><\/div>\n

Regarding market catalysts, Duong mentions the court decision in the Grayscale case (to convert its trust to an ETF), distributions from the Mt Gox Rehabilitation Trust to creditors, and any movement on the various Bitcoin spot Exchange-Traded Fund (ETF) applications in the US.\u00a0<\/span><\/p>\n

However, he notes that all those events are difficult to position for, so the market will have to wait for more information before pricing them in.<\/span><\/p>\n

Duong notes that flows on the desk have been balanced in the majors while altcoins have been net for sale. He also highlights Optimism\u2019s OP token, which has traded better than expected, up 15% over the last 7 days, primarily attributed to the news around Base, Coinbase’s L2 on Ethereum. That chain, built on the OP stack, will broadly open on August 9.<\/span><\/p>\n

\"Crypto\"
The total crypto market cap is relatively stable at $1.13 trillion on the 1-day chart. Source: TOTAL on TradingView.com<\/a><\/figcaption><\/figure>\n

The total market capitalization of the cryptocurrency market stands at $1.13 trillion, which is consistent with its trading level since the start of August.\u00a0<\/span><\/p>\n

Additionally, Bitcoin’s dominance level is at 50.25%, while its price is currently trading at $29,216, showing a slight decline of 0.1% over the last 24 hours.<\/span><\/p>\n

Featured image from iStock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Coinbase\u2019s Head of Research, David Duong, has shared his insights on the recent market movements in traditional finance and crypto.\u00a0 He believes that current macro conditions suggest a temporary pause in the recent strong USD trend, which should support the crypto market.\u00a0 Related Reading: Is SUI Price Stability Under Threat Due To Transactional Boom And Bust? Key Crypto & Finance Movements Duong notes that the recent carry trades upset by the Bank of Japan\u2019s decision to raise the hard cap on its 10-year bond yield have created instability across different pockets of the FX market.\u00a0 Meanwhile, the surprise decision by Brazil\u2019s central bank to cut its benchmark SELIC rate by 50bps (compared to expectations of 25bps) has led to higher interest rates in some price currencies coming down. In the US, the yield curve steepened significantly following the rally in Treasury bonds only two weeks ago, as the US Treasury Department announced an increase in the size of its debt issuance plans.\u00a0 Although Fitch cut the US debt rating from AAA to AA+ due to concerns about the fiscal outlook, Duong believes this impact on bond yields was fairly limited. Duong emphasizes that the US dollar is more sensitive to front-end rates, and the 2y yield seems well anchored. This suggests a temporary pause in the recent strong USD trend, which should support the crypto market.\u00a0 However, he expresses concern that crypto performance may recouple with US equities in the short term, which may cap the upside on digital assets due to stretched valuations. Duong also discusses the recent exploit of four liquidity pools on Curve, which didn’t help risk appetite in the crypto space but didn’t sustainably accelerate the downtrend that\u2019s been ongoing since mid-July.\u00a0 He believes the actual systemic risk associated with the exploit is limited by mitigating factors that offset some attack vulnerabilities. He also thinks this is not evidence of DeFi\u2019s weakness but highlights the system\u2019s antifragile properties. Related Reading: Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes Regarding market catalysts, Duong mentions the court decision in the Grayscale case (to convert its trust to an ETF), distributions from the Mt Gox Rehabilitation Trust to creditors, and any movement on the various Bitcoin spot Exchange-Traded Fund (ETF) applications in the US.\u00a0 However, he notes that all those events are difficult to position for, so the market will have to wait for more information before pricing them in. Duong notes that flows on the desk have been balanced in the majors while altcoins have been net for sale. He also highlights Optimism\u2019s OP token, which has traded better than expected, up 15% over the last 7 days, primarily attributed to the news around Base, Coinbase’s L2 on Ethereum. That chain, built on the OP stack, will broadly open on August 9. The total market capitalization of the cryptocurrency market stands at $1.13 trillion, which is consistent with its trading level since the start of August.\u00a0 Additionally, Bitcoin’s dominance level is at 50.25%, while its price is currently trading at $29,216, showing a slight decline of 0.1% over the last 24 hours. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":545857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,6664,1558,1946],"class_list":["post-545856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-crypto","tag-cryptocurrency","tag-ethereum"],"acf":[],"yoast_head":"\nCoinbase Research Expert Decodes Latest Crypto And Finance Market Trends<\/title>\n<meta name=\"description\" content=\"Coinbase\u2019s Head of Research, David Duong, has shared his insights on the recent market movements in both traditional finance and crypto.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.","sameAs":["https:\/\/instagram.com\/itsmarquez_fr?igshid=ZDdkNTZiNTM=","https:\/\/x.com\/Rmmcapital"],"url":"https:\/\/wncen.com\/author\/ronaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends","url":"http:\/\/wncen.com\/news\/coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1310459406.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1310459406.jpg?fit=1257%2C835"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Ronaldo Marquez"}],"creator":["Ronaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","crypto","cryptocurrency","ethereum"],"dateCreated":"2023-08-04T23:00:39Z","datePublished":"2023-08-04T23:00:39Z","dateModified":"2024-06-11T14:39:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase Research Expert Decodes Latest Crypto And Finance Market Trends\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/coinbase-research-expert-decodes-latest-crypto-and-finance-market-trends\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1310459406.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1310459406.jpg?fit=1257%2C835\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Ronaldo Marquez\"}],\"creator\":[\"Ronaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"crypto\",\"cryptocurrency\",\"ethereum\"],\"dateCreated\":\"2023-08-04T23:00:39Z\",\"datePublished\":\"2023-08-04T23:00:39Z\",\"dateModified\":\"2024-06-11T14:39:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1310459406.jpg?fit=1257%2C835","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545856"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/589"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=545856"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/545856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/545857"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=545856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=545856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=545856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}